PW Eagle Acquires Uponor ETI
PW Eagle of Minneapolis has acquired all of the stock of Uponor ETI Co., a subsidiary of Uponor Oyj, a Finnish company. Uponor ETI's name will be changed to Extrusion Technologies, Inc. (ETI), and operated as a wholly-owned subsidiary of PW Eagle.
ETI produces approximately 200 million pounds annually of PVC pipe ranging from 4-36 inch diameter for municipal applications. ETI had 2002 sales of $89 million and net income of $7.4 million.
The purchase price of ETI was $22 million paid at closing, subject to a working capital adjustment to be determined in the near future, and royalties to be paid by ETI of $8 million to $12 million over the next eight years, based on net sales.
According to KWD-globalpipe (www.kwd-globalpipe.com), Uponor's strategic aim is to become less exposed to municipal and commodity markets and strengthen its presence in heating and plumbing markets.
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